Business
InterRent Real Estate Investment Trust News Release
InterRent Real Estate Investment Trust News Release.
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nTSX-V:IIP\n\n\nTORONTO, Dec. 7 /CNW/ - InterRent Real Estate Investment Trust (the\n\"REIT\") wishes to disclose summary details of certain transactions effected in\nconnection with its recently completed conversion into a REIT by way of plan\nof arrangement. Full particulars of the REIT conversion and plan of\narrangement may be found in the information circular of InterRent\nInternational Properties Inc dated November 24, 2006. which may be accessed at\nwww.sedar.com.\n\n\nIssued and Outstanding REIT Units\n\n\nThe REIT currently has issued and outstanding approximately 6,061,219\nREIT Units, including Class B limited partnership units of InterRent Holdings\nLimited Partnership (\"Class B LP Units\"), which are exchangeable for REIT\nUnits on a one-for-one basis. Holders of common shares of InterRent\nInternational Properties Inc. (the corporate predecessor to the REIT) are\nable, pursuant to the plan of arrangement, to exchange such common shares for\nREIT units on a 10 for 1 basis.\n\n\nSecurities Issued in Connection with Acquisitions\n\n\nThe REIT issued the following securities in connection with acquisitions\neffected in connection with the REIT conversion:\n\n\n1. The REIT issued approximately 8,883 units (at an effective issue\n price of $5.52 per unit) as consideration to former holders of\n Silvercreek Parkway Guelph Limited Partnership that elected to\n receive REIT units in lieu of a cash payment;\n\n2. The REIT issued approximately 847,149 Class B LP Units (at an\n effective issue price of $5.52 per unit) as consideration to former\n holders of Park Place Equities 2000 Limited Partnership.\n\n\nIn addition, immediately prior to the completion of the REIT conversion,\nInterRent International Properties Inc. issued: i) 400,000 common shares to\nthe former shareholder of Adelaide Development Corp. as partial consideration\nfor such acquisition; and ii) 200,000 common shares to the former shareholders\nof MPM Canada Residential Property Management Inc., as partial consideration\nfor such acquisition, in each case, at an effective issue price of $0.52 per\nshare.\n\n\nSecurities Issued in Satisfaction of Debt\n\n\nThe REIT issued approximately 240,385 units (at an effective issue price\nof $5.20 per unit) in satisfaction of a loan made from Jilani Group Inc. in\nthe amount of $1,250,000 to InterRent Internation...